Arlington Company is constructing a building. Construction began on January 1 and was completed on...
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Arlington Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $4,000,000 on March 1, $3,300,000 on June 1, and $5,000,000 on December 31. Arlington Company borrowed $2,000,000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What are the weighted-average accumulated expenditures? (a) $7,300,000 (b) $5,258,333 (c) $12,300,000 (d) $6,150,000
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